11/25/2020, 3:51 PM (Source: TeleTrader)
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France orders tech firms to pay digital tax for 2020

The French Ministry of the Economy and Finance confirmed on Wednesday it had issued an order to major technology companies to pay digital tax for 2020.

The order applies to firms with revenues that exceed €25 million in that country and €750 million worldwide and requires them to pay 3% of their income earned in France.

Earlier this year, the Organization for Economic Co-operation and Development (OECD) failed to pass an agreement on the taxation of large digital companies, despite Paris urging the international community to adopt such regulations.

Breaking the News / JR